The Research Of Performance Evaluation Of M&A Based On Balanced Scorecard

Since the reform and opening up,China's publishing industry has made qualitative leaps in terms of scale and strength.In order to better cope with the rapid development of today's digital media,the publishing industry follows the trend of development and accelerates the pace of media convergence.There is a wave of mergers and acquisitions after another.Faced with the increasingly fierce market competition,M & A and reorganization have become important tools for traditional publishing companies to expand their business types,enhance business performance,expand their scale,break through industry barriers and improve market competition.At the same time,whether M & A activities are successful or whether synergies have been brought into full play has become a major issue for M & A firms.This paper first reviews the related research on the performance of M & A,and finds out that the existing research mostly adopts the method of empirical research,and the case study method is rarely used to conduct in-depth research.Meanwhile,the methods of M & A performance evaluation are not perfect.Based on this,this paper proposes a M & A performance evaluation method based on the Balanced Scorecard from the perspective of financial indicators and non-financial indicators to solve the M & A performance evaluation of enterprises,and builds a multi-dimensional and multi-index evaluation idea based on Balanced Scorecard,Combined with M & A performance related theory M & A performance evaluation system model.Then the paper introduces the typical case of Magic Universe of Tangel Publishing and M & A,conducts an in-depth study and judges whether the M & A or not meets the expected goals from the three dimensions of financial coordination,management coordination and management coordination.The model of performance evaluation system M & A performance appraisal into the enterprise among them,make an accurate and appropriate performance evaluation of the Tangel Publishing's M & A event.By scoring the constructed index evaluation system model,it is found that the effect of the three dimensions of synergy effect of finance,management and management on the T & A events of Tangel Publishing is different.Which produces the best effect is the business synergies,the effect of the second is the financial synergies,the effect is generally the management of synergies.Overall,the merger and acquisition activity has a more significant positive impact on the performance of the Tangel Publishing,achieved the development of strategic objectives set by the enterprise,and achieved a more satisfactory outcome of the merger.